the-ordinances-of-the-legislative-counci-1890v3 — Page 162

ORDINANCE No. 1 or 1877 . 1445


Companies.


If any director, manager, or proposer make default in adding such

statement, or if any promoter, director, manager, or secretary, make
default in giving such notice, he shall be liable to a penalty not exceeding
five hundred dollars, and shall also be liable for any damage which the
person so elected or appointed may sustain from such default, but the
liability of the person elected or appointed shall not be affected by such
default.


8. Any limited company under the principal Ordinance, whether Existing
limited com
formed before or after the commencement of this Ordinance, may, by a pany may, by
special reso
special resolution , if authorized so to do by its regulations, as originally lution, make
liability of
framed or as altered by special resolution , from time to time modify directors
unlimited.
the conditions contained in its memorandum of association so far as to [sec. 8. ]
render unlimited the liability of its directors or managers, or of the

managing director ; and such special resolution shall be of the same
validity as if it had been originally contained in the memorandum of
association, and a copy thereof shall be embodied in or annexed to every
copy ofthe memorandum of association which is issued after the passing
of the resolution, and any default in this respect shall be deemed to be
a default in complying with the provisions of the fifty-third section of
the principal Ordinance, and shall be punished accordingly.


Reduction ofcapital and shares.


9. Any company limited by shares may, by special resolution , so Power to
company to
far modify the conditions contained in its memorandum of association , reduce
capital.
if authorized so to do by its regulations as originally framed -or as [ sec. 9. ]
altered by special resolution , as to reduce its capital ; but no such
resolution for reducing the capital of any company shall come into
operation until an order of the Court is registered by the Registrar of
Companies, as is hereinafter mentioned .

10. The company shall, after the date of the passing of any special Company to
add " and
resolution for reducing its capital, add to its name, until such date as reduced " to
its name for
the Court may fix, the words " and reduced , " as the last words in its a limited

name, and those words shall , until such date, be deemed to be part of period
[sec. 10. ]
the name of the company within the meaning of the principal Ordinance.


11. A company which has passed a special resolution for reducing Company to
apply to the
its capital , may apply to the Court by petition for an order confirming Court for an